I think the cash is still there. The problem is that it could...

I think the cash is still there. The problem is that it could disappear at any time, if the Oz directors push too hard for access via a dividend or buyback. So what can the Oz directors do? They can threaten to put the company into administration. That may be embarrassing for the MD, but how does it help minority shareholders, because the cash will for sure disappear in this scenario. There is no obvious solution, otherwise the Mejority guys would have found it by now, I predict XPD will exist as a zombie stock for a period of time. Unless the local directors can somehow find some real leverage.